IOU Financial to pay 75% interest payments in cash, capitalize 25%

By Taylor Fox

New York, Aug. 4 – IOU Financial Inc. has announced that more than two-thirds of its convertible debenture holders have agreed to receive 75% of the interest owed for July, August and September 2020 in cash, according to a news release.

They will capitalize the remaining 25% of the monthly interest payments to the principal amount of the debenture at the end of each payment period.

IOU has already applied for and received conditional approval from the TSX Venture Exchange for the related amendments to such trust indenture.

The Montreal company is an online lender for small businesses in the United States.

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